If I'm a bit quiet at the moment it's because a. I have half a dozen unfinished blockbuster blog posts in progress and b. I seem to be putting in 12-14 hour days at work at the moment as I'm in the middle of a big software rollout. In fact I've just finished (at half past three in the morning) shutting down remotely tonight's 25 updated machines - perhaps I would be better off in India!

But I seem to have been "tagged" by James Graham for a response to George Osborne's statement that we are all living off the coat tails of the City of London, so I will try and honour him with a response! I'm not sure I share his or Jonathan Calder's interpretation that Osborne means the rest of us are living as "parasites" on the City. I don't detect such a value judgement in Osborne's comment. Rather I think he is in fact describing the status quo.

When as much Sterling is traded on forex markets in a week than our entire annual GDP - more in a single month than our entire national wealth - and when every trade generates a commission or turn for the middle-men in the City, Osborne is right if he is merely pointing out that we are too dependent on the City. What I can't fathom from what has been reported of his interview is whether any solution he might have to offer involves reducing the influence of the financial sector at the same time as trying to increase the competitiveness of British industry and non-financial sector wealth creation.

However much we may be dependent at the moment on financial markets for our national cash-flow (I won't say wealth creation because money is not itself wealth and pushing money around is not producing any tangible wealth, just pocketing tokens that could be used to buy actual wealth) it is unhealthy because it exploits all of us. In order to have enough tokens to trade in the volumes the interbank market needs to make a decent return they artificially inflate all the world's currencies. And then skim the cream off of what they have created.

I confess my mind is sorely troubled by recent events in the financial markets - partly why I am finding it very difficult to write about it. For several years now, after reading the likes of "The Future of Money: Creating New Wealth, Work and a Wiser World" (B.A. Lietaer) and "The Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics" (Michael Rowbotham), I have become convinced that we are in the "last days" of a system based on debt, speculative froth and the dominance of money pushers, abetted by state protectionism of the highest order. Part of me wants this current crunch to precipitate the sort of crisis that will force us to find an alternative more sustainable system. The other part recognizes the inevitable pain to ordinary people such a collapse would cause unless we have an alternative waiting in the wings.

The problem is that they really do rule the world. Because we have given them the ability to create credit at will, to manipulate money supply, currency circulation and so on they utterly outgun all the real wealth production in the global economy. And it's only when we wake up to the fact that they are only able to do so by persuading us to borrow, usually on the back of land values that are in turn driven up by that borrowing until they reach what in the US has recently become a bursting point threatening the stability of the rest of the global market, that we will be able to do something about it.

A couple of blog posts in the past few days - one by Lynne Featherstone on Lib Dem Voice - have highlighted the issue of corruption, but there is no greater confidence trick and fraud than that perpetrated every day against us by the financial sector. Let's have some more discussion of how that affects us and what we can do about it.